PRIVATE BUSINESS COMMISSION
Steve chairs the UK’s Private Business Commission, established by The Entrepreneurs Network.
Launched in Spring 2024, the Commission aims to identify and recommend reforms to significantly improve the business environment in the UK, enabling companies to thrive and scale up domestically.
The Commission brings together business leaders to address key issues impacting UK private businesses including tax incentives, access to funding, functioning of capital markets and employee incentives.
“NOW IS THE TIME FOR POLICY MAKERS TO CONSIDER NEW WAYS OF ENCOURAGING AND INCENTIVISING SMALL AND MID-SIZED BUSINESSES TO SCALE UP TO A SIZE WHERE THEY CAN PAY TAXES AND CREATE EMPLOYMENT OPPORTUNITIES ON A LARGE SCALE. THE UK’S INHERENT ENTREPRENEURIAL SPIRIT IS OUR BIGGEST ASSET - WE MUST CAPITALISE ON IT.” – STEVE RIGBY
Backing Breakthrough Businesses was published in June 2024 and comprises the research findings of the Private Business Commission. It examines the environment for private businesses in the UK and identifies ten key policy recommendations for the UK government. Though by no means exhaustive, the Commission believes that if enacted these reforms would improve the underlying business environment in Britain.
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Government must engage more closely with large private businesses, recognising the crucial role they play in the business landscape and their long-term vision.
Support for the Edinburgh and Mansion House Reforms must be maintained but more work is required to ensure the intended results are realised, including consolidating smaller pension funds into larger ones and allowing greater founder control of companies.
Abolish the Stamp Duty Reserve Tax which biases investment away from British companies.
Bolster the independence of the British Business Bank to enable it to act in the best possible way and over a longer time horizon.
Ensure investment conditions for commercialising British university research are fit for purpose by implementing the Spinout Review in full.
Use lotteries and fast-track schemes to expedite grant funding for innovation.
Improve the administration of R&D tax relief to restore confidence in the system.
Modernise SEIS and EIS to ensure they’re able to deliver what scaling businesses require.
Reconsider the implementation of Basel 3.1 to not hurt SME lending.
Reform employee incentive schemes’ eligibility criteria to increase adoption and effectiveness.
